Mystifly raises Rs 33 crore from Japanese firm Recruit Holdings

My FareBox, the business-to-business global airfare market place owned by Mystifly, will use the money to invest in technology, sales and marketing to expand its global presence.Devina Sengupta | ET Bureau | October 03, 2016, 17:59 IST

One of the funds owned by Japanese private equity firm Recruit Holdings has invested $5 million (Rs 33 crore) in Mystifly, valuing the four-year-old airline ticket aggregator at Rs 250 crore.

My FareBox, the business-to-business global airfare market place owned by Mystifly, will use the money to invest in technology, sales and marketing to expand its global presence.

"The fresh funds will help us in actualising our next vision of simplifying airfare pricing, revenue management and transforming our marketplace into value hubs that benefit our ecosystem of suppliers and customers," said chief executive Rajeev Kumar. "We are expecting to grow our transactions multi-fold and to invest more on our core technology, sales and marketing to grow our global footprint." The company has so far been operational in a self-funded model and with a team of 190 employees.

The Japanese fund will have a minority stake in the company, whose operating model is to identify the cheapest route available and get the local carrier along with the pricing available for that particular geography. The company caters to global air and tour operators. Masterkey Holdings Pv Ltd was the advisor to Mystifly.